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27,000 Tons of Steel Later, 3 World Trade Center Opens for Business

New York City’s Fifth-Tallest Building Now About 40% Leased
June 11, 2018
Of Silverstein Properties’ four-tower build at the World Trade Center site, 3 World Trade Center (3WTC) is the second-tallest, stretching 1,079 feet upward and making it the fifth-tallest building in New York City, according to the New York City-based developer.

The 2.86 million-square-foot building situated at 175 Greenwich St. opened officially on June 11. Although it stands 80 stories tall, it will be dwarfed by the Silverstein’s forthcoming 2 World Trade Center, still in development and expected to rise 1,270 feet, or over 80 stories.

Of its 2.5 million square feet, roughly 38 percent of the available office space has already been pre-leased, according to Silverstein Properties.

Global media conglomerate GroupM will begin moving next month into the 700,000 square feet the firm has leased for its six divisions. Totaling nine floors, GroupM's space includes exclusive use of half of an 11,000-square-foot terrace located on the 17th floor.

Stock exchange IEX has committed to 44,931 square feet, the entire 58th floor, and should move in by the end of the year. McKinsey has signed for 185,000 square feet and will fill the 60th to 64th floors after moving in 2019.

There are three levels of ground-floor retail space and two floors below-ground. The retail real estate is owned by a joint venture of Westfield and the Port Authority of New York.

In an office market where product averages 60-70 years old, solid leasing velocity at 3WTC and other new product over the past year shows the extent of need in the market for new inventory to answer tenancy trends, said Todd Korren, a principal in Avison Young’s New York City office.

Built by Rogers Stirk Habour + Partners, 3 World Trade Center’s exterior bracing system permits completely column-free corners, giving tenants 360-degree views. Its lobby stands 62 feet tall, climbing three floors. Two additional terraces, on the 60th and 76th floors, are open to all tenants within the building.

All told, 3WTC required 10,000 glass panels, 27,000 tons of steel and 145,000 cubic yards of concrete in raw materials to complete. Its floorplates are sized between 30,000 to 70,000 square feet, and ceiling heights range from 13.5 feet to 24 feet.

The World Trade Center’s master plan of four towers was designed by architect Daniel Libeskind. The first to open was 7 World Trade Center, which came online in 2006 with 52 floors and 1.7 million square feet. In 2013, 4 World Trade brought 2.3 million square feet of office space.

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Diana Bell, New York City Market Reporter  CoStar Group   
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